FINANCIAL AND CREDIT SYSTEMS: PROSPECTS FOR DEVELOPMENT

Transformation of the Ukrainian banking sector marketing under conditions of war and digitalization

Maksym Babenko , Tetyana Novikova , Volodymyr Kotkovskyi , Iryna Denchyk — Wed, 31 Dec 2025 00:00:00 +0000

The digitalization of Ukraine’s banking sector creates new opportunities for improving marketing efficiency, building customer trust, and developing innovative financial services. During wartime, digital marketing becomes a key tool for banks’ adaptation to crisis conditions, ensuring flexibility, resilience, and competitiveness in a rapidly changing financial environment.

Problem statement. The war and the rapid development of digital technologies have changed the operational environment of Ukrainian banks, highlighting the need to transform marketing strategies. However, the uneven level of digital readiness among banks, insufficient professional competence in digital marketing, and growing cybersecurity threats hinder the modernization of marketing systems.

Unresolved aspects of the problem. Despite the active introduction of digital tools, there is still no unified model for assessing the effectiveness of digital marketing in Ukrainian banks. Insufficiently studied remain the issues of integrating international experience, managing reputational risks, and ensuring data protection in the digital environment.

Purpose of the article. The purpose of the study is to analyze the transformation of marketing processes in Ukraine’s banking sector under the influence of digitalization and wartime challenges and to determine the main directions for improving the effectiveness of banks’ marketing strategies.

Presentation of the main material. The study applies a comprehensive approach combining the analysis of scientific sources, statistical data, and a practical case of JSC CB “PrivatBank.” The article examines the impact of digital technologies, artificial intelligence, and online platforms on customer engagement, service promotion, and competitiveness. The SWOT analysis of PrivatBank’s marketing strategy revealed key strengths — a robust digital ecosystem, innovation, and customer orientation — as well as threats related to cybersecurity and market instability.

Conclusions. Digital marketing serves as an important driver of the Ukrainian banking sector’s development during wartime, enhancing its adaptability and financial stability. The research results can be applied to improve strategic marketing management, advance customer service, and shape effective models of digital communication.

Forecasting bank cash flows using intelligent systems

Valeriia Kochorba , Yuliya Kolomiiets — Wed, 31 Dec 2025 00:00:00 +0000

The object of the study is the processes of cash flow management in the banking system of Ukraine, which is characterized by high dynamism, increased risks caused by war and economic instability, as well as rapid adaptation to digital technologies and European standards. The article emphasizes the critical importance of effective cash flow management to maintain financial stability and ensure uninterrupted operations of the bank in the face of uncertainty.

Problem statement. The main problem studied in the article is the lack of efficiency of traditional methods of forecasting and managing cash flows in modern realities. These methods are unable to adequately process large amounts of data, take into account complex nonlinear dependencies, and respond quickly to unpredictable changes caused by both war and digital transformation. This creates liquidity risks, leads to suboptimal use of capital, and reduces the overall resilience of the banking system.

Unresolved aspects of the problem. Today, there are gaps in the integration of the latest intelligent systems directly into the bank's operational and strategic processes. There are still unanswered questions about how to turn highly accurate predictions obtained through machine learning into concrete, managerial decisions that will minimize risks.

Purpose of the article. The aim of the article is to develop comprehensive recommendations for improving cash flow management in a bank using intelligent systems. For this purpose, a three-dimensional approach is used, which combines Big Data analysis, improving the accuracy of forecasts using machine learning, and their integration into a management decision support system.

Presentation of the main material. The authors of the article use a three-dimensional coordinate system of “analysis-prediction-integration” to structure the research. Practical examples for forecasting liquidity, assessing borrowers' solvency, and the effectiveness of marketing campaigns are considered. The use of LSTM, SVM, Random Forest, and RNN models to improve forecasting accuracy is detailed. To integrate the forecasting results into the bank's risk management system, specific solutions are proposed, such as the use of automated dashboards, early warning systems, and dynamic scoring.

Conclusions. The recommendations proposed in this article allow banks to move from reactive to proactive cash flow management. This helps to significantly reduce operational risks, optimize capital, increase profitability and strengthen competitive positions. The practical value of the study lies in the provision of specific tools and scenarios for the implementation of intelligent systems in daily operations, which is extremely important for ensuring the financial stability of the Ukrainian banking system in the face of uncertainty.

Methodology of management accounting in supporting management processes of marketing activities of agricultural enterprises in Ukraine

Volodymyr Vlasov — Wed, 31 Dec 2025 00:00:00 +0000

Management accounting in the marketing activities of Ukrainian agricultural enterprises is a key tool for effective decision-making under conditions of digital transformation, military disruption, and European integration. The study focuses on the adaptation of accounting systems to marketing needs, emphasizing cost analysis, profitability assessment, and integration with digital platforms such as CRM and ABC analysis.

Problem statement. The main problem lies in the lack of standardized approaches to accounting for marketing expenses, insufficient integration with digital tools, and a shortage of qualified personnel. These issues hinder the formation of data-driven marketing strategies and reduce the effectiveness of management decisions.

Unresolved aspects of the problem. Challenges include the limited structure of account 93 “Selling expenses,” absence of unified methodologies for calculating marketing costs, and underutilization of ROI and segment analysis tools. The impact of biological asset variability and seasonal cycles on accounting remains insufficiently studied.

Purpose of the article. To analyze management accounting methods that support marketing processes in agricultural enterprises, and to propose practical recommendations for improving accounting systems in line with digital transformation and international standards.

Presentation of the main material. The article classifies accounting models by cost recording method, analytical structure, and level of digital integration. It highlights the role of ABC analysis, ROI tracking, and cost/profit center accounting in evaluating marketing effectiveness. Successful practices in export-oriented enterprises and the berry sector are examined.

Conclusions. Management accounting enhances marketing efficiency by enabling cost control, profitability analysis, and strategic planning. Its modernization is essential for improving competitiveness and sustainability in domestic and international markets.

Violation of the rights of consumers of financial services

Roman Galych — Wed, 31 Dec 2025 00:00:00 +0000

The article is devoted to the study of relationships that arise in the process of providing financial services by various financial institutions, as a result of which violations of consumer rights occur or may occur, taking into account current conditions.

Problem statement. The relevance of studying consumer rights violations in the field of financial services is undeniable in the modern world, especially with the growth of service users in cyberspace. However, the growing complexity of financial products and services requires a high level of consumer protection. Today, consumer rights violations in the financial sector can have serious consequences, including financial losses, loss of trust in financial institutions and socio-economic problems for consumers, and as a consequence, for the security of the financial system and the state.

Unresolved aspects of the problem. Thus, as seen, the study and analysis of problems related to violations of the rights of consumers of financial services and certain aspects of their prevention are relevant and important today. At the same time, we believe that the attention paid in previous studies is not comprehensive and requires consideration of certain aspects of violations of consumer rights and the search for appropriate solutions at the level of management, legislative initiatives, etc.

Purpose of the article. The goal of the work, in turn, is to develop a systematic approach to solving problems related to the violation of the rights of consumers of financial services.

Presentation of the main material. Particular attention is paid to such key problems as opaque contract terms, the impact of misleading advertising, excessive promises of investment returns is investigated, and the problem of illegal charges and commissions is also considered. Fraudulent actions and cybercrimes, such as the use of fraudulent schemes or forgery of documents. The article also considers the role of the Office for Financial Services Consumer Rights Protection. We use the following scientific methods: induction, deduction, comparative, systematisation method.

Conclusions. The study presents a systematic approach to solving the problem of violations of the rights of consumers of financial services. This, as expected, will relieve the judicial system, inspire confidence in potential consumers, promote technological progress, ensure the stability of the financial system, and ultimately establish Ukraine as a social, democratic, and legal state.

Assessment of the investment attractiveness of agricultural enterprises

Viacheslav Grynchuk — Wed, 31 Dec 2025 00:00:00 +0000

Investment attractiveness of Ukrainian agricultural enterprises is a strategic factor for mobilizing capital, restoring production, and ensuring long-term sustainability in the context of post-conflict recovery and global market transformation. The study focuses on financial diagnostics, innovation capacity, structural consolidation, and external support mechanisms.

Problem statement. The main problem lies in the lack of standardized investment evaluation models, limited access to capital, and uneven policy implementation. Enterprises face challenges related to infrastructure damage, climate risks, and disrupted logistics, which complicate investment decision-making.

Unresolved aspects of the problem. Key unresolved issues include landmine contamination, import dependence, and insufficient integration of innovation indicators into investment models. The impact of digital technologies, export infrastructure, and state support on investment attractiveness requires further analysis.

Purpose of the article. To develop a comprehensive framework for assessing the investment attractiveness of agricultural enterprises, combining financial indicators, innovation potential, external risks, and policy factors.

Presentation of the main material. The article analyzes profitability, liquidity, and leverage metrics, trends in fixed asset investment, and the role of medium and large enterprises in sectoral consolidation. It examines export dynamics, import substitution, and instruments of state support. Special attention is paid to AgTech innovations, precision farming, and risk mitigation strategies supported by international donors.

Conclusions. Despite wartime challenges, Ukrainian agriculture demonstrates resilience and investment potential. A comprehensive evaluation approach enhances informed capital allocation, supports modernization, and strengthens competitiveness in domestic and international markets.

Research on the conceptual foundations of innovative financing instruments for territorial communities’ infrastructure: green bonds

Galina Daudova , Roman Piskunov , Olena Moskalenko — Wed, 31 Dec 2025 00:00:00 +0000

The article examines the conceptual foundations for the development of the green bond market in Ukraine as a tool for financing the reconstruction of territorial communities’ infrastructure, particularly under martial law conditions.

Problem Statement. The relevance of the topic is determined by the urgent need to attract new financial resources to restore infrastructure facilities destroyed as a result of military actions, which have caused significant economic and social losses.

Unresolved aspects of the problem. Considering the high cost of reconstruction, it is necessary to find innovative financing mechanisms, and green bonds can serve as an important instrument for raising capital to implement such projects.

Purpose of the Article. The purpose of the study is to analyze the state of the green bond market in Ukraine and to substantiate ways to improve their efficiency in financing investment projects at the local community level. The object of the study is the practice of using green bonds to finance municipal infrastructure projects, particularly in the energy, transport, and environmental sectors. The methodological basis of the research includes the analysis of legal and regulatory acts governing the issuance of green bonds in Ukraine, as well as the study of international experience in this field.

Presentation of the Main Material. The article highlights the factors that constrain the development of this financial instrument, such as martial law, economic instability, inflationary processes, low market liquidity, and insufficient investor confidence. The importance of improving the regulatory framework, providing state guarantees, increasing information transparency, and engaging international financial institutions to stimulate the green bond market is emphasized.

Conclusions. The research results confirm that Ukraine has already established a necessary legal and regulatory environment for the issuance of green bonds; however, their practical implementation remains limited. The authors propose the development of a new edition of the Concept for the Green Bond Market Implementation for 2025–2030, which should include the preparation of pilot projects involving municipalities, international donors, and financial institutions. The practical value of the study lies in formulating proposals for using green bonds to finance environmental, energy-efficient, security, and socially significant projects, which will contribute to the sustainable development of territorial communities and enhance their financial autonomy.

Accounting and analytical support for determining the value of enterprise potential

Liudmyla Dukhnovska , Volodymyr Riabenko , Oleg Melnychenko — Wed, 31 Dec 2025 00:00:00 +0000

Accounting and analytical support for enterprise potential assessment is a strategic instrument for enhancing transparency, mobilizing investment, and ensuring sustainable development in the context of post-conflict recovery and global market integration. This study focuses on the harmonization of financial reporting, the implementation of digital technologies, the adaptation of valuation models, and the development of human capital.

Problem statement. The core problem lies in the fragmentation of enterprise valuation approaches, limited integration of international standards, and insufficient analytical capacity. Ukrainian enterprises face challenges in aligning accounting data with strategic valuation models, particularly under conditions of economic instability, regulatory uncertainty, and weak comparability of market benchmarks.

Unresolved aspects of the problem. Key unresolved issues include the underutilization of intangible asset valuation, limited adaptation of DCF models to Ukrainian risk conditions, and poor integration between accounting systems and analytical platforms. The impact of digital reporting formats (e.g., XBRL), compliance mechanisms, and international comparables on valuation accuracy requires further investigation.

Purpose of the article. To develop a comprehensive methodology for accounting and analytical support in enterprise potential assessment, combining fair value principles, value-based management, digital transformation, and risk-oriented approaches.

Presentation of the main material. The article analyzes the structure of accounting and analytical support, the implementation of IFRS and XBRL, and the application of fair value, EVA, DCF, and market-based valuation methods. It explores the role of ERP systems, business intelligence platforms, and specialized valuation software in improving data quality and modeling precision. Special attention is given to intangible asset valuation, the adaptation of accounting systems to risk environments, and the deployment of digital solutions to support strategic management. Tables summarize key metrics, valuation components, and methodological adaptations specific to the Ukrainian context.

Conclusions. Despite institutional and macroeconomic challenges, Ukrainian enterprises demonstrate significant potential for reliable valuation and strategic development. An integrated, standardized, and digitally enabled approach to accounting and analytical support enhances transparency, increases investment attractiveness, and ensures alignment with international standards. Further research and practical implementation of such approaches are essential for strengthening trust, supporting modernization, and facilitating Ukraine’s integration into global financial markets.

Current trends in the development of accounting and analytical support for tax risk management

Serhii Kucherenko — Wed, 31 Dec 2025 00:00:00 +0000

The object of research within this article is the accounting and analytical support for managing enterprises’ tax risks as an integrated system for collecting, systematizing, interpreting, and analyzing data from financial, managerial, and tax accounting to inform sound decisions in the field of taxation. Its structural foundation consists of three interrelated subsystems—accounting, analytical, and control (audit). The system’s critical characteristics are the timeliness of information and its adaptability to environmental changes.

Problem statement. Under conditions of an unstable economy and constant changes in tax legislation, traditional accounting approaches lose effectiveness, complicating the timely identification and minimization of tax risks.

Unresolved aspects of the problem. Despite considerable attention to risk management and digital tools, the accounting and analytical support for tax risk management itself remains insufficiently studied; there is a shortage of well-developed solutions for data integration and risk-assessment methodologies. The directions for further research are outlined: improving assessment methods, innovative tax planning, and creating comprehensive models for different industries.

Purpose of the article. To define the nature and functions of accounting and analytical support for managing tax risks of business entities, to identify the system’s key components, and to outline the problems, challenges, and trends in the transition from traditional systems to modern digital ones.

Presentation of the main material. The methodology relies on analyzing contemporary approaches and practical aspects of implementing adaptive information-analytical systems. Logical generalization, comparison, analysis and synthesis, as well as expert assessments, were applied. The results demonstrated the need to modernize accounting and substantiated the three subsystems as the system’s core; the advisability of integrating separate types of accounting into a single information system has been proven. A conceptual digital model is proposed that combines automated accounting systems, analytical platforms for risk assessment, and electronic audit; positive effects from using digital technologies are recorded, and challenges are outlined—cost, cybersecurity, and regulatory dynamism. The role of SAF-T UA and e-reporting as tools for enhancing transparency and promptness is also emphasized.

Conclusions. Accounting and analytical support is a key element of tax risk management; its effectiveness increases under conditions of digitalization, strengthened internal control, staff upskilling, and the use of insurance instruments. Practical steps include the regular calculation of risk indicators, ensuring transparency, applying criteria of voluntary tax compliance, and implementing electronic audit (SAF-T UA).

Integrated system of performance indicators in the asset management of agricultural enterprises

Denys Omelianenko — Wed, 31 Dec 2025 00:00:00 +0000

The paper proposes a unified system that links performance indicators (KPIs) with early-warning risk indicators (KRIs) to improve asset management under uncertainty in Ukrainian agribusiness.

Problem statement. Volatile input prices, logistics disruptions, climate risks and wartime shocks expose weaknesses of fragmented metrics and hinder transparent, comparable control of assets.

Unresolved issues. Standardization of KPI/KRI definitions for biological and fixed assets, links to risk appetite and capital allocation, data quality/digitalization gaps, and adaptation to national regulations remain insufficiently addressed.

Purpose of the article. To justify the concept, structure and practical guidelines for an integrated KPI-KRI system (IPIS) tailored to agricultural enterprises and harmonized with international practice.

Main material. The article outlines domains and metric passports, index-based tracking for comparability, threshold setting and escalation rules, data governance and reporting cadence, and use cases for capex/opex decisions, liquidity discipline, and stress-response. It adds a benchmarking grid versus EU practice to calibrate thresholds and reporting frequency. A lightweight dashboard is proposed for monthly management review, with quarterly external disclosure to enhance investor communication.

Conclusions. Implementing IPIS strengthens transparency, accelerates corrective actions, and supports efficient capital allocation; success depends on data quality, staff training, and phased integration into management routines. It also improves comparability across farms and seasons, facilitating lender and investor due diligence. Limitations include uneven digital maturity and potential measurement bias, suggesting phased pilots and future research on automated data capture.

Development of control and audit systems in the context of population aging: integration of risk management, socio-economic imperatives and adaptation strategies

Alina Shum — Wed, 31 Dec 2025 00:00:00 +0000

The article examines modern systems of internal control and audit in enterprises in the context of population aging. The research object covers corporate governance mechanisms, risk management, and internal audit, all of which play a key role in ensuring organizational resilience amid demographic changes. Special attention is given to the specific risks associated with age-related structural changes in personnel and their impact on management effectiveness.

Problem statement. The main problem lies in the fact that traditional systems of control and audit often prove inadequately adapted to new demographic challenges such as an aging workforce, which introduces cognitive, motivational, technological, and succession risks. This necessitates a revision of existing risk management and control approaches.

Unresolved aspects of the problem. Open questions remain regarding the integration of the demographic factor into risk management systems, as well as the development of adaptive internal control and audit mechanisms that would ensure flexibility and effectiveness amidst changes in the age structure of personnel.

Purpose of the article. The purpose of the article is to analyze the development of internal control, audit, and risk management systems in the context of population aging, as well as to identify ways to optimize these systems in order to improve the efficiency of enterprise management.

Presentation of the main material. The paper systematizes four major categories of risks inherent to aging personnel: cognitive, technological, succession, and motivational. Functional differences between internal control, risk management, and internal audit subsystems are described. The stages of the risk management process and the roles of governance bodies at each stage are outlined, as are European trends concerning the socio-economic challenges of population aging.

Conclusions. The research substantiates the feasibility of adapting control systems to demographic shifts, which can increase economic efficiency, reduce operational risks and costs, and improve employee satisfaction. Strategies for integrating risk management into corporate governance practice are proposed to prevent the negative consequences of age-related personnel changes.

Business model of economic entities: bibliometric analysis

Kostiantyn Bezverkhyi , Mykola Matiukha — Wed, 31 Dec 2025 00:00:00 +0000

Modern transformation processes in the economy necessitate a rethink of the role of business models in developing business entities' strategies. A business model is a tool that combines an enterprise's resource potential with market opportunities to ensure the creation, preservation and distribution of value between stakeholders. Studying it in a global scientific context enables us to identify key trends and directions in the evolution of the concept.

Problem statement. Despite the significant number of scientific works devoted to the structure and typology of business models, there is a lack of systematic understanding of the dynamics of this concept's development in international scientific discourse. The relationship between business models, digital transformation, innovation, and the sustainable development of enterprises remains insufficiently generalised.

Unresolved aspects of the problem. Evolutionary approaches to the formation of business models and the identification of leading research clusters and relevant scientific research directions in this area require clarification. The comparative analysis of publications according to the leading scientometric databases, Scopus and Web of Science, has not been sufficiently researched.

Purpose of the article. The article aims to provide a bibliometric and bibliographic analysis of scientific research in the field of business models for business entities.

Presentation of the main material. The research was carried out using bibliometric, trend, cluster and content analysis. The bibliometric sample was formed using the Scopus (9,041 publications) and Web of Science (5,010 publications) databases. Maps of term co-use were constructed using the VOSviewer software and key scientific clusters representing the main areas of research in the field of business modelling were identified.

Conclusions. The dominant areas of research were established to be the digitalisation of business processes, innovative models of value creation, and the sustainable development of enterprises. A shift in scientific interest from the theoretical description of business models to their application in the digital economy was revealed. The study's practical significance lies in its potential to inform effective enterprise development strategies and enhance the scientific and analytical tools used to study business models.

The macroeconomic and institutional determinants of economic growth in African regional blocs: a panel data analysis

Emmanuel Imuede Oyasor — Wed, 31 Dec 2025 00:00:00 +0000

Economic growth remains a fundamental benchmark for assessing the transformation of economies across the developed, emerging, and developing world. In the African context, regional economic communities (RECs) such as ECOWAS, SADC, COMESA, and EAC represent strategic platforms where growth can enhance per capita income, employment creation, foreign investment, and welfare.

Problem statement. Despite this potential, African economies continue to face growth-limiting challenges. Macroeconomic instability, weak institutional performance, demographic pressures, and structural vulnerabilities persistently hinder inclusive and sustainable development.

Unresolved aspects of the problem. While existing studies examine growth determinants in Africa, many are constrained by short time horizons, single-country focus, or narrow sets of variables. Consequently, limited attention has been given to the long-term interplay of demographic, institutional, and macroeconomic factors across diverse regional blocs, leaving critical policy gaps unresolved.

Purpose of the article. This study aims to investigate the macroeconomic and institutional drivers of growth in African regional blocs from 1960–2022. By applying the STIRPAT framework, it evaluates how population dynamics, inflation, labor force, broad money, and military expenditure influence GDP growth, while accounting for structural shifts, policy reforms, and external shocks.

Presentation of the main material. Using a balanced panel of 48 African countries, the analysis employs fixed effects, random effects, and first-differenced models to address endogeneity and heterogeneity. Results show that labor force expansion strongly supports growth, while population growth exerts a marginally negative effect. Inflation and broad money display weak direct impacts. The fixed effects model best captures within-country variations, underscoring the importance of country-specific characteristics in shaping growth outcomes.

Conclusions. The findings suggest that African countries should leverage their demographic dividend, strengthen institutional frameworks, and foster regional integration to achieve sustainable and inclusive growth. By covering six decades and multiple blocs, the study offers original insights for policymakers and development partners, providing a broader evidence base for growth-oriented strategies in Africa.

The impact of banks liquid reserve and food export on economic development during conflict

Collins C. Ngwakwe — Wed, 31 Dec 2025 00:00:00 +0000

Bank liquid reserve and food production provides a lifeline for effective and productive economic activities.

The objective of this paper is to analyse the effect of banks liquid reserve and food export on economic development during conflict and used Ukraine’s data as a case.

Problem statement. Bank liquidity position triggers a trade-off between bank credit risk performance and bank profitability. A delicate balancing act thus subsists between holding high liquidity at the expense of credit lending, investment boosting and economic growth, profit returns and credit risk incurrence.

Purpose of the article. The purpose of this article is to evaluate how a combined effect of bank liquidity and food export affects economic growth, the degree of growth and the slant of growth.

Unresolved aspects of the problem. there is scarcity of literature on the joint effect of bank liquidity and food export on economic growth of a country in conflict – particularly in contemporary Ukraine case.

Presentation of the main material. The paper applied a quantitative approach by using the multiple regression model to examine the relationships. Secondary data on bank liquid reserve, food export and GDP for Ukraine was collected from economic indicator data archives of the World Development Indicators.

Conclusions. Results from the analysis indicates that bank liquid reserve and food export have a significant impact on Ukraine’s economic performance during the war. The overall F-statistic is Signiant at P=0.000496. Furthermore, bank liquid reserve is significant at P=0.000495 with a positive regression coefficient of 122.3883. In addition, food export is significant at p=0.006234 with a negative regression coefficient of -131.289. The model’s coefficient of correlation is high at 0.884089 showing a close correlation. In addition, coefficient of determination (R²) is high at 0.781613 and adjusted R² at 0.737936 which indicates a good model fit. The positive coefficient for bank liquid reserved indicates that bank liquid reserve has a positive and significant effect on Ukraine’s economy during the war, which implies that the capacity of banks to attract more liquid reserve provides significant assistance to Ukraine’s economic resilience during the time of conflict. Although food export is significant, but it has a negative coefficient emanating from the obstructions of exports logistics during the conflict as alternative routes of export comes at higher costs. The findings contribute to the literature by indicating that a healthy bank sector with sufficient liquid reserve is vital to support economic vibrancy and resilience during conflict.

Spatio-dynamic assessment of key performance indicators (KPIs) for strategic startup valuation

Olena Serhiienko , Krystyna Tonieva , Pavlo Samus — Wed, 31 Dec 2025 00:00:00 +0000

The modern entrepreneurial landscape is characterised by high dynamics and significant market uncertainty. The object of the study is the spatial-dynamic assessment of key performance indicators (KPIs) based on integral metrics. These indicators are crucial for an objective assessment of the viability and investment attractiveness of early-stage start-ups, requiring a shift from retrospective financial analysis to metrics focused on forecasting, primarily customer lifetime value.

Problem statement. Traditional methods of corporate financial valuation, in particular discounted cash flow models, are of little use to startups due to a lack of historical financial data, high growth rates, and significant operating losses during the expansion phase. There is an urgent need to develop a unified but contextually adapted system of metrics that would allow founders and investors to objectively assess internal efficiency and make comparisons with relevant market benchmarks.

Unresolved aspects of the problem. Scientific literature demonstrates a high degree of variability in approaches to startup valuation, resulting in significant subjectivity and a wide range of estimated values. There are significant methodological gaps in the use of integral indicators, in particular the ratio of LTV to CAC (customer acquisition cost), which is often incorrectly calculated or interpreted outside the context of industry benchmarks and business development stages, which can lead to wrong investment decisions.

Purpose of the article. The main purpose of the study is to systematise key performance indicators for start-ups by functional blocks. The key task is to scientifically substantiate the decisive role of the LTV/CAC integrated indicator for assessing viability, as well as to develop methodological recommendations for the application of spatial-dynamic benchmarking to improve the objectivity of strategic planning and evaluation of startups.

Presentation of the main material. The study is based on the application of general scientific methods of systematisation, structural-logical modelling, comparative and systematic analysis. A comprehensive KPI taxonomy covering marketing, sales, and financial metrics is presented. The central element of the analysis is the LTV/CAC ratio, its critical threshold values, and its spatial-dynamic interpretation using the example of a case study of three start-ups with different business models.

Conclusions. The developed systematisation provides a structured basis for monitoring key startup parameters, confirming that the LTV/CAC ratio is the quintessence of business model quality assessment. The practical significance lies in providing founders and investors with a validated toolkit for informed spatial-dynamic benchmarking, which contributes to a more efficient allocation of venture capital.

Strategic structuring of MTE business areas: methodical approach

Iryna Fedotova , Nadiia Bocharova, Alina Litvinenko — Wed, 31 Dec 2025 00:00:00 +0000

The article explores a methodological approach to the strategic structuring of business directions in a motor transport enterprise (MTE) under martial law and post-war recovery.

Problem statement. The study focuses on Strategic Business Units (SBUs), which enable the evaluation of transport service efficiency and the optimization of managerial decisions. The main issue addressed is the absence of adapted methodologies capable of assessing internal business group positions in unstable transport markets.

Unresolved aspects of the problem. Traditional approaches, particularly the BCG matrix, overlook enterprise-specific dynamics, the weight of product groups in sales, variations in transport revenues, and market turbulence, limiting their accuracy and applicability.

Purpose of the article. The study aims to develop and justify a methodological approach to structuring MTE business directions through SBU identification, enabling effective management under high uncertainty caused by wartime and recovery conditions.

Presentation of the main material. A stepwise SBU evaluation method is proposed, based on analyzing sales revenues, their change trends (K and T indicators), and internal financial and production parameters. For each group, the relative share in total sales and revenue change rate are calculated to classify business directions by strategic relevance: development, investment, support, optimization, or transformation. The methodology ensures an objective assessment of internal business group positions, facilitates balanced SBU portfolio formation, considers potential risks, and substantiates managerial decisions on investment, development, or optimization. Its practical significance lies in creating a strategic planning tool adaptable to enterprise resources, industry features, and organizational forms, ensuring effective operation under uncertainty.

Conclusions. Further research will focus on digital models for automated SBU monitoring to enhance managerial responsiveness, strategic flexibility, and financial resilience, thereby ensuring the universality and reliability of the proposed methodology in diverse practical contexts.

Fiscal sustainability and public resource management in the context of recovery: international experience

Alina Hrushyna — Wed, 31 Dec 2025 00:00:00 +0000

Fiscal sustainability is a key condition for economic recovery in the context of hostilities and post-war development. For Ukraine, where the budget system has become one of the main instruments of sustainability during a large-scale war, the issue of fiscal policy is gaining relevance. Therefore, the relevance of the topic of the article is due to the realities of the Ukrainian economy and the urgent need to build fiscal sustainability of the country now and soon. The object of the study is the key steps of these countries aimed at economic recovery, tax system reform and the introduction of institutional mechanisms of budgetary discipline.

Problem statement. Despite significant international support and adaptation of Ukraine's domestic policy to rapidly changing realities, the task of maintaining fiscal sustainability in conditions of high uncertainty remains difficult. As for many countries that have experienced conflicts, a dilemma arises between the need to finance recovery and ensuring debt stability in the long term. At the same time, an extremely important element of the recovery and balancing system is minimizing costs and maximizing the effect.

Unresolved aspects of the problem. Previous studies have mostly focused on issues of fiscal consolidation or public debt management, but insufficient attention has been paid to the coordination of post-war fiscal policy with the institutional capabilities of the state. There is also a noticeable lack of comparative analysis of the experience of European countries in adapting individual reforms to existing initiatives.

Purpose of the article. The purpose is to identify and systematize effective fiscal instruments for ensuring stability in the post-war period based on the experience of France, Croatia, Bosnia and Herzegovina, Latvia, and Poland, and to adapt them to Ukraine’s context.

Presentation of the main material. The research applies comparative, structural-logical, and content analysis methods to examine fiscal reforms, institutional innovations, and budgetary practices in post-conflict European states. The findings highlight that fiscal sustainability depends on constitutional debt limits, medium-term expenditure frameworks, independent fiscal councils, and transparent management of reconstruction funds. Achieving fiscal resilience in Ukraine requires institutionalizing fiscal rules, enhancing medium-term budgeting, strengthening fiscal oversight, and ensuring accountability in the use of international aid.

Conclusions. A comparative analysis of the main indicators of public debt and budget deficit in selected countries allowed us to draw practical conclusions regarding the possibilities of adapting the main approaches to modern conditions in Ukraine, in particular in the direction of digitalization and strengthening the administration of individual fiscal mechanisms. The study underscores the necessity of combining domestic reform with European fiscal governance standards to secure long-term stability and investor confidence.

The enhancement of Ukraine's public debt management instruments within the context of a war economy

Iryna Mustetsa — Wed, 31 Dec 2025 00:00:00 +0000

Abstract. Assessing the current state of public debt is the basis for forming an effective debt policy, which should be focused on ensuring macroeconomic stability and promoting the social welfare of the population. The relevance of the issue of public debt growth goes beyond theoretical discourse, also covering the practical dimension—the sphere of economic management.

The use of analytical instruments for the evaluation of public debt constitutes a pivotal element in enhancing the efficacy of debt management, ensuring the sustainability of public finances, and forming a long-term economic development strategy within a war economy. The study, conducted between 2019 and 2024, confirms the prevailing trend of augmented debt and budget deficit to GDP in the context of armed conflict.

In such circumstances, the systematic analysis of debt obligations assumes particular importance during wartime, when the economy is operating under extreme stress. This analysis facilitates not only the timely identification and minimization of fiscal risks, but also the rational use of available financial resources to stimulate economic growth.

The purpose of the present article is to assess the current state of public debt and the tools for managing it in a state of martial law. The object of the study is the process of assessing public debt.

The following general scientific theoretical methods were used in the course of the study: system analysis – to identify the main criteria for the study; the method of induction – at the stage of collecting, systematizing, and processing information for the study; the method of deduction – in the process of studying theoretical problems; abstract-logical method – to make theoretical generalizations and conclusions regarding the problems of Ukraine's public debt management in wartime.

The practical value of the results obtained lies in establishing the main directions of public debt management, which will minimize risks and maximize the use of available resources and opportunities for post-war economic development and improving the standard of living of the population.

Ukraine's public debt: current status and risks of formation

Natalia Tkachuk , Vitalina Yaroshchuk , Anastasiia Palyha — Wed, 31 Dec 2025 00:00:00 +0000

The relevance of the study is determined by the difficult economic situation in Ukraine caused by military aggression, which has led to a rapid increase in public debt as a key source of financing for state needs.

Problem statement. The accumulation of debt obligations, changes in their currency structure and servicing conditions create significant risks for the financial stability of the state and its future economic development, which emphasises the need for a deep understanding of the peculiarities of public debt formation.

Unresolved aspects of the problem. The diversity of scientific concepts regarding the interpretation of the essence of public debt emphasises the complexity and multifaceted nature of this phenomenon and points to the need for a more in-depth study of the theoretical aspects and practical tools of public debt management in conditions of geopolitical instability.

Purpose of the article. The purpose of the study is to substantiate the theoretical foundations of public debt, analyse its formation in wartime and identify the main debt risks.

Presentation of the main material. The object of the study is the process of forming Ukraine's public debt. The study uses a set of scientific methods, including analysis of scientific publications by domestic and foreign scientists to reveal the theoretical essence of public debt, statistical analysis to assess the dynamics and structure of Ukraine's public debt for the period 2019-2024, as well as the construction of a multivariate regression model and the average growth rate method to forecast public debt volumes for the coming years. The theoretical basis of the study was the main provisions of the theory of finance and macroeconomics.

Conclusions. The results of the study demonstrate a rapid increase in Ukraine's public debt after the start of full-scale military aggression, which indicates a deterioration in the country's debt sustainability. Analysis of the structure of public debt revealed a significant increase in the share of external financing, which increases dependence on external creditors and raises currency risks. The main risks associated with the increase in public debt include refinancing risk and interest rate risk, as well as macroeconomic, fiscal, geopolitical, currency and social risks. The practical value of the study arises from deepening the understanding of current trends in the formation of Ukraine's public debt in conditions of military aggression and identifying threats to macro-financial stability. The results obtained can be used by state authorities to develop and implement effective debt policy.

Employee value proposition as the core of HR branding: a strategy of trust, authenticity and talent development

Liudmyla Ilich — Wed, 31 Dec 2025 11:17:13 +0000

Introduction. The object of the study is the HR branding system of modern organizations, which reflects the interrelation between the Employee Value Proposition (EVP), corporate culture, and managerial practices for personnel development. HR branding is viewed as a multidimensional phenomenon that integrates marketing, psychological, and social components, fostering trust, loyalty, and employee engagement. Its key characteristics include authenticity, strategic orientation, human-centeredness, and alignment with business objectives.

Problem statement. In the modern context of intense competition for talent, business digitalization, and the growing importance of employee engagement, HR branding is transforming from a marketing tool into a strategic system of human capital management. At the core of this system lies the Employee Value Proposition (EVP), which builds trust, loyalty, and a culture of shared responsibility between the company and its people.

Unresolved aspects of the problem. Despite the growing interest in HR branding, the role of an authentic EVP as a driver of organizational competitiveness and its integration into managerial practices remain insufficiently explored.

Purpose of the article. The purpose of the study is to theoretically substantiate the Employee Value Proposition (EVP) as the strategic core of a modern organization’s HR brand and to identify its key dimensions that ensure trust, authenticity, and talent development.

Presentation of the main material. Based on an interdisciplinary approach combining the concepts of management, marketing, and organizational behavior, the study systematizes scientific approaches to HR branding and identifies its main components: EVP, corporate culture, employee experience, reputation, innovation, and corporate social responsibility. The analysis of international and Ukrainian research (2020 – 2025) demonstrates that an effective EVP integrates mission, values, employee experience, and social responsibility into a unified system of mutual commitments. Five key dimensions of modern EVP are highlighted: meaningful work and mission, professional growth, supportive corporate culture, flexibility and work-life balance, and social responsibility.

Conclusions. The results confirm that a strong HR brand enhances organizational attractiveness, reduces staff turnover, and creates long-term competitive advantages. HR branding should be considered a comprehensive system that combines internal management practices with external communications, aligning business goals with employee expectations. Future research should focus on developing a next-generation HR branding model that integrates EVP, leadership culture, employee experience, technological maturity, inclusiveness, and ESG principles into a unified strategic architecture.

Digital transformation of logistics: the role of artificial intelligence and Big Data in managing transport flows and optimizing loading and unloading operations

Svitlana Minakova, Vitaly Minakov , Olena Minakova , Oleksiy Minakov — Wed, 31 Dec 2025 00:00:00 +0000

The digitalization of the economy covers all types of economic activity, among which logistics activities and the implementation of AI and Big Data tools are distinguished.

Problem statement. Comprehensive approach to the study of the digital transformation of logistics (DTL) based on the use of AI and Big Data to manage transport flows (MTF) and optimize loading and unloading operations (OPUO).

Unresolved aspects of the problem. Due to the dynamic development of the processes of DTL, a comprehensive approach based on the use of AI and Big Data to MTF and OPUO requires additional research.

Purpose of the article. Research on the scientific foundations and practical recommendations for MTF and OPUO based on AI and Big Data.

Presentation of the main material. It is noted that the driver of the spread of AI and Big Data tools in logistics is the WEF platform, which also considers the processes of DTL towards green logistics and decarbonization using AI and Big Data tools. The results of research conducted in 2025 among logistics companies in Europe and the USA showed that a quarter of respondents have already integrated AI and Big into their activities, half of them partially use AI and Big, and 57% plan to introduce these tools into their activities. A description of the main companies involved in the development and distribution of applied software solutions for logistics and logistics companies is provided.

Conclusions. A list of the main obstacles (large initial investments, outdated data processing and storage technologies, lack of qualified labor, variability and instability of the regulatory field, costs of maintaining excess inventory in the warehouse) and opportunities (increasing the level of optimization and self-optimization of logistics processes, optimization of resource costs, autonomy of supply chains, real-time processing of large volumes of data and forecasting demand for products over time) in the development of AI and Big Data tools in MTF and OPUO has been formed.

Improvement of the automated NLP system as a factor in improving the quality of marketing strategy formation

Yuriy Skorin — Wed, 31 Dec 2025 00:00:00 +0000

Natural language processing in company marketing is transforming data analytics, offering new opportunities to understand customers and optimize strategies.

Introduction. Natural language processing simplifies processes such as sentiment analysis, segmentation, and ad targeting. It is important to consider data accuracy, security, and query management skills training for effective use of technology.

Problem statement. One of the main challenges in marketing analytics is the transformation of initial numerical data into understandable and useful conclusions for humans. The way to solve the problem are natural language processing technologies and generative artificial intelligence, which allow you to turn complex data into accessible and useful information for work.

Unresolved aspects. Traditional manual analysis of reviews in marketing analytics has long ceased to meet modern business requirements, because it requires huge human resources, which makes the process extremely costly. Natural language processing offers a solution to this problem through the use of algorithms capable of automatically analyzing the semantics of the text, determining the tone of statements, and isolating key topics from large data sets.

Purpose of the article. The purpose of this study is to develop a system of automated analysis of user reviews based on the developed effective methods and models for automated analysis of user reviews in the field of marketing of companies using natural speech processing technologies.

Main material. The paper describes the problem to be solved and formulates a scientific task; analyzes approaches, methods and models for solving research problems; sets research tasks, analyzes theoretical approaches to solving research problems; considers theoretical aspects of natural language processing; investigates various models and algorithms for analyzing feedback, and also conducts an experimental assessment of their effectiveness on real data; models, algorithms and analysis of their adequacy in solving research problems; methodological support for the organization of research is being improved.

Conclusions. The results of the study can be used to develop software solutions that will allow companies to better understand the needs of their customers, quickly respond to problems and improve the quality of their products and services.

Intellectualization of public sector financial resource management: analytical tools and efficiency models

Mykhailo Tarasiuk — Wed, 31 Dec 2025 00:00:00 +0000

The study examines the intellectualization of public financial management through the integration of Big Data, machine learning, and graph neural networks. These tools enable proactive risk forecasting, improve budget accuracy, and enhance real-time anomaly detection, forming a new paradigm of fiscal transparency, discipline, and strategic efficiency.

Problem statement. Traditional public finance management approaches no longer meet the demands of fiscal complexity and transparency, requiring the adoption of intelligent models based on Big Data, machine learning, and graph neural networks to enable proactive risk forecasting and improve budgeting efficiency.

Unresolved aspects of the problem. Key challenges in intelligent public finance management include the lack of an integrated AI model, “black box” transparency issues, outdated IT systems, poor data quality, and insufficient institutional capacity, revealing critical knowledge gaps for further research.

Purpose of the article. The article aims to scientifically justify and develop methodological foundations for the intellectualization of public financial management to address identified systemic challenges and gaps.

Presentation of the main material. The article develops a conceptual framework for intellectualized public financial management, integrating GNNs for anomaly detection and ML for accurate budget forecasting across the fiscal cycle. Explainable AI principles ensure transparency, complemented by strategic recommendations for IT modernization, data quality, and digital competency development.

Conclusions. The study proposes a new paradigm of public finance efficiency through analytical integration, algorithmic forecasting, and transparency, with the Intelligent Financial Governance model enabling modernization, digital audit, and risk-based monitoring to enhance fiscal stability and long-term economic resilience.

Global scientific trends on the inclusion of people with disabilities in companies: mapping the bibliometric analysis

Wed, 31 Dec 2025 11:10:58 +0000

The inclusion of people with disabilities (PWD) in the labor market is an important component of modern social and economic policies aimed at ensuring equality, fairness, and the realization of human rights.

Problem statement. In the global context of promoting diversity and inclusion in organisations, the employment of PWD is a topical issue, given both their fundamental rights and the positive impact on company performance.

Unresolved aspects of the problem. With growing interest on the one hand in human resources as key drivers of company performance and on the other hand in equalising the rights of PWD to work, this systematic review of recent developments, challenges, implications and benefits of employing PWD in companies is welcome.

Purpose of the article. This study aims to conduct a systematic review of the existing literature on the employment of PWD in companies between 2010 and 2025.

Presentation of the main material. The results indicate both significant benefits, such as increased diversity and improved corporate image, and challenges related to stereotypes, lack of accessibility and insufficient training of employers.

Conclusions. The study addresses current gaps in research and provides recommendations for future research and policies for the integration of PWD in the private sector.